If you're running a business, you know that generating revenue is your company's primary goal. And as your company has grown, you may have noticed that, at a certain point, operational inefficiencies begin to occur.
Your business operations consist of separate sales, marketing, accounting, and finance teams that perform different operational functions to achieve company growth. As these teams work to achieve their departmental goals, this inevitably leads to friction between your teams.
But can these segments be integrated into one collective flow of operations? The structure in which businesses align their isolated teams to create optimal cash flows is known as Revenue Operations (RevOPS).
Imagine a scenario where one of your existing customers is trying to get information about a one of your products. Typically, your service team uses some sort of CRM (customer relationship management) to keep track of previous conversations with the customer. But what happens when this customer contacts a sales representative working independently of the service team instead?
Often, the customer's previous conversations are lost and the customer must go through a repetitive sequence during a sale. This halts the buyer's journey and can create an unpleasant experience for the customer.
Using RevOps to align sales and service teams works to eliminate the dissonance between the two, making the customer's journey toward a purchase natural and effortless.
Using RevOps is a great way to integrate the silos and eliminate repetitive actions in customer experiences, but how exactly can RevOps be implemented into your business?
The majority of RevOps implementation is done through data analytics. You can usually find this data within the software you’re already using, though you may want to hire a RevOps consultant to help you organize and interpret the findings.
What the data reveals will be applied differently due to the various departments within your business. Different uses for RevOps in your business include:
Now that you’ve identified the different parts of your business to integrate with RevOps, where do you start to ensure your strategy has a strong foundation?
The best place to start your RevOps strategy is the same place your business may have started. Usually, a business begins with a foundational statement exclaiming its goals and aspirations (i.e. a mission statement). So, it’s best to take a step back and ask yourself: What is my business trying to accomplish?
This is a great opportunity to kill two birds with one stone: Mission statements should always be reevaluated to ensure the core of the business is grounded, allowing the rest of the business to flow outwards from there. A strong RevOps should operate similarly.
Your RevOps strategy should start with your business’s fundamental purpose, working down the latter from there, aligning all siloed operational segments along the way.
While there’s a lot of ground to cover in aligning your business using RevOps, the process should never stop. Business is always changing, and it’s your job as a business owner to adapt with it. The RevOps strategy you use today may become less effective tomorrow.
Your business must constantly be running performance checks on its revenue operations. This means constant monitoring, testing, and optimization, ensuring all your departments are unified in purpose.
As a business owner, you’re already looking to innovate and improve. While RevOps is a way to make this improvement smoother, your RevOps strategy must be innovating just like the rest of your business.
These tips provide you with a way to start implementing RevOps into your business operations. Here at Open Path, we use our expertise and data-driven knowledge to help businesses implement and optimize their RevOps strategy to its full potential. Whether you need help with marketing and sales alignment, a tech stack audit and software integrations, or customer lifecycle alignment, we’re here to help.